本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真 实性、准确性和完整性承担法律责任。 万向德农股份有限公司第十届董事会第二次会议通知于 2025 年 8 月 16 日以电子通讯方式 发出，于 2025 年 8 月 26 日以现场加通讯方式召开。公司共有董事 5 人，实到董事 5 人。会议 由崔立国董事长主持，本次会议符合《公司法》和《公司章程》的有关规定。会议形成如下决 议： 一、审议通过了《公司 2025 年半年度报告全文及摘要》的议案 证券代码：600371 证券简称：万向德农 公告编号：2025—026 万向德农股份有限公司 第十届董事会第二次会议决议公告 本议案已经公司第十届董事会审计委员会 2025 年第二次会议以同意票 3 票，反对票 0 票， 弃权票 0 票审议通过。 经董事会审计委员会审议通过，拟续聘中审众环会计师事务所（特殊普通合伙）为公司 2025 年度财务审计机构及内控审计机构，审计费用总额 70 万元，其中年度财务审计费用 55 万元，年度内控审计费用 15 万元。 表决结果：赞成票 5 票，反对票 0 票，弃权票 0 票 本议案已经公司第 ...

Core Insights - Wanxiang DeNong reported a revenue of 117 million yuan for the first half of the year, representing a year-on-year decline of 24.39% [1] - The net profit attributable to shareholders of the listed company was 24.85 million yuan, down 39.33% year-on-year [1] - The basic earnings per share stood at 0.0849 yuan [1]

Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines specific terms and company abbreviations used in the report to ensure clarity and consistency of content - The report provides clear definitions for common terms such as **Wanxiang Sannong**, **Denong Seed**, **the Company or this Company, Wanxiang Denong**, **SSE or Exchange**, and **CSRC**[15](index=15&type=chunk) Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides Wanxiang Denong's basic info, stock overview, and key financial indicators, explaining changes [I. Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Wanxiang Denong Co., Ltd. (Wanxiang Denong) has Cui Liguo as its legal representative - The company's legal representative is **Cui Liguo**[10](index=10&type=chunk) [II. Contact Person and Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) He Xiaoshan is the Board Secretary; contact phone/fax is 0451-82368448, email wanxiangdenong@126.com - The Board Secretary is **He Xiaoshan**, with contact number **0451-82368448**[11](index=11&type=chunk) [III. Overview of Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) The company's registered address is No. 18 Yushan Road, Harbin; office at Room 1003, No. 227 Hongqi Street - The company's office address is located at Room 1003, No. 227 Hongqi Street, Xiangfang District, Harbin, Heilongjiang Province[12](index=12&type=chunk) [IV. Overview of Changes in Information Disclosure and Document Custody Locations](index=4&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) Information disclosure newspapers are China Securities Journal and Securities Daily; reports on www.sse.com.cn - The company's information disclosure newspapers are **China Securities Journal** and **Securities Daily**, and its website is **www.sse.com.cn**[13](index=13&type=chunk) [V. Company Stock Overview](index=4&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed on the Shanghai Stock Exchange, stock abbreviation Wanxiang Denong, code 600371 - The company's stock code is **600371**, stock abbreviation **Wanxiang Denong**, listed on the **Shanghai Stock Exchange**[14](index=14&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue and profit declined due to lower selling prices; operating cash flow improved but was negative Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 117,217,101.91 yuan | 155,032,880.36 yuan | -24.39 | | Total Profit | 27,561,208.86 yuan | 45,230,613.94 yuan | -39.07 | | Net Profit Attributable to Listed Company Shareholders | 24,852,586.20 yuan | 40,964,100.48 yuan | -39.33 | | Net Cash Flow from Operating Activities | -30,206,389.42 yuan | -61,598,671.06 yuan | Not applicable | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 554,806,402.83 yuan | 573,840,516.63 yuan | -3.32 | | Total Assets (Period-end) | 711,811,652.47 yuan | 809,366,114.51 yuan | -12.05 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (yuan/share) | 0.0849 | 0.1400 | -39.36 | | Diluted EPS (yuan/share) | 0.0849 | 0.1400 | -39.36 | | Basic EPS after Non-recurring Gains/Losses (yuan/share) | 0.0820 | 0.1348 | -39.17 | | Weighted Average ROE (%) | 4.4040 | 7.1747 | decreased by 2.77 percentage points | | Weighted Average ROE after Non-recurring Gains/Losses (%) | 4.2527 | 6.9080 | decreased by 2.66 percentage points | - The primary reason for the decrease in operating revenue was lower selling prices in the current period[17](index=17&type=chunk) - The primary reason for the decrease in total profit and net profit was the decline in operating revenue[17](index=17&type=chunk) - The increase in net cash flow from operating activities was primarily due to reduced seed production area, leading to lower payments for seed production[17](index=17&type=chunk) [IX. Non-recurring Gains/Losses Items and Amounts](index=5&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Total non-recurring gains and losses were **853,658.04 yuan**, primarily from government grants 2025 Non-recurring Gains/Losses Items for H1 | Non-recurring Gains/Losses Items | Amount (yuan) | | :--- | :--- | | Government Grants Recognized in Current P&L (excluding those with continuous impact) | 964,510.43 | | Other Non-operating Income and Expenses (excluding the above) | -16,001.50 | | Impact on Minority Interests (after tax) | -94,850.89 | | Total | 853,658.04 | Section III Management Discussion and Analysis](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes the company's operating strategies, R&D, quality control, sales, and core competitiveness in an oversupplied corn seed market, detailing financial changes and risks [I. Discussion and Analysis of Operations](index=6&type=section&id=%E4%B8%80%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The pork market is experiencing an oversupply, leading to a continued decline in pork prices [2] - The planting industry is focusing on pest control for autumn crops, which is crucial for achieving the annual grain production target of approximately 1.4 trillion jin [11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [11] Summary by Sections Planting Industry - A national meeting was held to address pest control for autumn crops, emphasizing its importance for overall grain yield [11] - The autumn crop accounts for three-quarters of the annual grain production, making pest control critical [11] - The Ministry of Agriculture is promoting the protection of new plant varieties to support innovation in the seed industry [11] - Recommended stocks include Beidahuang and Suqian Agricultural Development in the planting sector, and major seed companies like Dabeinong and Longping High-Tech [11] Swine Farming - The average price of external three-breed pigs is 13.80 yuan/kg, with a slight weekly decrease of 0.07% [2] - Demand remains weak, and there are no immediate positive factors expected to boost demand [2] - The number of breeding sows has decreased to 40.43 million, down 370,000 from the peak last year [2] - Recommended stocks in the breeding sector include DeKang Agriculture, Jingji Zhino, Muyuan Foods, and Wen's Foodstuffs [2] Key Agricultural Products Data Tracking - Corn: The average price is 2385.10 yuan/ton, down 0.39% week-on-week [24] - Wheat: The average price is 2435.58 yuan/ton, down 0.10% week-on-week [27] - Rice: The average price for japonica rice is 2892.80 yuan/ton, down 0.66% week-on-week [32] - Soybeans: The average price is 3952.63 yuan/ton, up 0.27% week-on-week [37] - Cotton: The average price in Xinjiang is 15090.00 yuan/ton, up 0.18% week-on-week [42] Feed and Vitamin Prices - The average price of pig feed is 2.71 yuan/kg, down 0.37% week-on-week [49] - The average price of vitamin E is 67.50 yuan/kg, unchanged week-on-week [49]

Market Overview - The planting industry sector increased by 0.95% on August 20, with Xue Rong Biological leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Stock Performance - Key stocks in the planting industry and their performance include: - Xue Rong Biological (300511): Closed at 6.92, up 5.65% with a trading volume of 568,400 shares and a turnover of 387 million yuan [1] - Wanxiang Deno (600371): Closed at 9.85, up 5.01% with a trading volume of 329,000 shares and a turnover of 322 million yuan [1] - Honglian Zhaoshu (603336): Closed at 9.30, up 1.42% with a trading volume of 140,860 shares and a turnover of 38 million yuan [1] - Hainan Rubber (601118): Closed at 5.17, up 1.37% with a trading volume of 544,800 shares and a turnover of 280 million yuan [1] Capital Flow - The planting industry sector saw a net inflow of 139 million yuan from main funds, while retail investors experienced a net outflow of 139 million yuan [1] - Detailed capital flow for selected stocks includes: - Xue Rong Biological: Main funds net inflow of 50.77 million yuan, retail net outflow of 62.57 million yuan [2] - Wanxiang Deno: Main funds net inflow of 30.02 million yuan, retail net outflow of 13.87 million yuan [2] - Fengle Seed Industry (000713): Main funds net inflow of 14.37 million yuan, retail net outflow of 6.88 million yuan [2]

Group 1 - The core point of the article is that Wanxiang DeNong announced the approval of several resolutions, including the cancellation of the supervisory board and the abolition of related proposals during the first extraordinary general meeting of shareholders in 2025 [2] Group 2 - The announcement was made on the evening of August 15, indicating a significant governance change within the company [2] - The resolutions passed may reflect a strategic shift in the company's management structure [2] - The implications of these changes on the company's future operations and governance practices remain to be seen [2]

Core Viewpoint - Wanxiang DeNong announced the approval of multiple proposals during the first meeting of its tenth board of directors held on August 15 [2] Group 1 - The company held its first meeting of the tenth board of directors on August 15 [2] - Multiple proposals were reviewed and approved during this meeting [2]

Group 1 - The company Wanxiang DeNong (SH 600371) announced that its first board meeting of the tenth session was held on August 15, 2025, to discuss the election of the chairman of the board [2] - For the fiscal year 2024, the revenue composition of Wanxiang DeNong is as follows: corn seed products account for 95.18%, fertilizer products account for 3.16%, other businesses account for 1.11%, and maltodextrin and malt syrup products account for 0.56% [2]

Group 1 - The core point of the article is the announcement by Wanxiang Derun (600371) regarding the election of Cui Liguo as the chairman [1]

证券代码：600371 证券简称：万向德农 公告编号：2025—025 万向德农股份有限公司 关于董事会换届完成及聘任高级管理人员的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真 实性、准确性和完整性承担法律责任。 万向德农股份有限公司于 2025 年 8 月 15 日召开 2025 年第一次临时股东大会、第十届董 事会第一次会议，选举产生了第十届董事会成员、公司董事长、董事会专门委员会委员，并聘 任了高级管理人员，公司董事会换届完成。现将具体情况公告如下： 一、 公司第十届董事会组成情况 董事长：崔立国先生 非独立董事：陈羿元先生 谢杨先生 独立董事：董国云先生 沈志峰先生 第十届董事会任期自股东大会审议通过之日起三年。董事长任期与第十届董事会任期一致。 上述董事会成员均具备担任公司董事的资格与能力，未发现其存在《公司法》、《公司章程》 等相关法律、行政法规和规范性文件要求的不得担任公司董事的情形；未发现其存在被中国证 监会及相关法规确定为市场禁入者且禁入尚未解除的情况；根据《证券期货市场诚信信息查询 结果》，上述董事均不存在被中国证监会及其他有关部门处 ...